
$15.6 Million Non-Performing Orlando Office Loan
US - Orlando, FL
₫380,670,314,000 | 13,111 m²
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present this opportunity to purchase Reston Metro Center II (the “Property”) in Reston, Virginia. The 64,319 square foot mission critical facility is 100% leased to General Dynamics Information Technology, Inc. (“GDIT”), a wholly owned subsidiary of General Dynamics (NYSE: GD), through May of 2029 with no termination options.
GDIT (S&P: A-; Moody’s: A3) is one of the largest contractors providing information technology services to the federal government. Since moving into the Property in 2017, GDIT has invested more than $17 million ($269 PSF) to completely renovate the building. They have delivered a Class A work environment for GDIT’s mission critical operations that satisfies the highest government security thresholds. As such, GDIT utilizes their highly personalized space as a secure Technology Incubation Facility.
The Property is optimally located 0.3 miles from the newly delivered Reston Town Center Metro and 1.6 miles from the rich amenity base of Reston Town Center. Accentuating the employment drivers, the Property is also in the heart of Northern Virginia’s federal contracting hub with direct frontage along the Dulles Toll Road connecting Washington, DC to Dulles International Airport (IAD) and beyond to the largest concentration of data centers in the world in Ashburn, Virginia. Ongoing enhancement to the vibrant Reston experience includes Halley Rise, a $1.4 billion Brookfield Properties development immediately adjacent to the property. Upon delivery, Halley Rise will be composed of 1,600 residential units, 250,000 square feet of retail (including a newly opened Wegmans), 5 acres of open space, 2 million square feet of office and brand-new public infrastructure, which is certain to enhance the Property’s desirability.
The Property offers creditworthy cash flow and term from its GDIT Tenant, and investors will be positioned for outsized value creation upon GDIT’s renewal as market rents are lifted by the unprecedented growth of the Reston market and Northern Virginia economy.